With the government shutdown, you might be wondering how that will affect your ability to buy or sell your home. Though mortgage lenders are separate from the government, there are many parts of the buying and selling process that involve the government.
If you’re looking to secure either an FHA or VA loan, the government shutdown could affect your loan process if workers are not in office.
Another part of the process that could have a hiccup is verifying social security numbers. Without this, the loan application will be held up.
Another component of the loan process is mortgage lenders verifying borrower’s tax returns. Once the government is back up and running, there will likely be a backlog of requests looking for verification.
While this all sounds like bad news, no one likes more obstacles or a prolonged process, mortgage approvals and closings are still happening while the government is shut down. And, if the government is back up and running when they’re projected to be, there’s a small percentage of people that should be affected.
Milestone Home Mortgage LLC NMLS #2588937. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.
